> On Aug 13, 2015, at 2:52 AM, Ashley Holman via bitcoin-dev <bitcoin-dev at lists.linuxfoundation.org> wrote:
>> A concern I have is about security (hash rate) as a function of block size.
>> I am assuming that hash rate is correlated with revenue from mining.
>> Total revenue from fees as a function of block size should be a curve. On one extreme of the curve, if blocks are too big, fee revenue tends towards 0 as there is no competition for block space.
This isn’t necessarily true. Every miner has its own mining policy. If they choose to delay including transactions proportional to their fee + first seen, then you create a time based fee market. Want quick confirmation? Pay a high fee. Don’t care that much? Pay a low fee (and anywhere in between). This market would work just fine even if block capacity was unbounded.
jp
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